AltaGas Ltd. was narrowly lower after approval of a $1.35-billion terminal that will export energy products such as propane to Asia from British Columbia with partner Royal Vopak NV.
Construction will start this summer on the Ridley Island Energy Export Facility, or REEF, located on 77 hectares of land leased from the Prince Rupert Port Authority.
Calgary-based AltaGas and Netherlands-based Vopak are equal partners in the new venture, with plans for exporting liquefied petroleum gas such as propane and butane, as well as shipping methanol and other bulk liquids.
“AltaGas and Royal Vopak are pleased to announce a positive final investment decision,” the companies said in a joint release.
The port authority previously granted exclusive rights for developing liquefied petroleum gas and bulk liquids on Ridley Island to AltaGas and Vopak, through its Vopak Pacific Canada unit.
“Reaching this critical milestone with Vopak Pacific is good news for Prince Rupert, for B.C. and for Canada, as we continue to deliver responsibly produced Canadian energy to global markets,” AltaGas chief executive officer Vern Yu said in a statement.
“We would not be here without the support and consultation of our Indigenous partners and the community.”